Cot to vat scheme
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 March 2012
A COT dealer would shift to VAT scheme say w.e.f 01.04.2012 under the Karnataka VAT Act. There is closing stock of about 25 lakhs on that date.
Query: Once you change over to VAT scheme is there any adjustment required to the closing stock as the same is tax inclusive (as VAT cannot be claimed as input under COT scheme)?
Is the dealer eligible to claim the VAT input on the value of the closing stock he has as stock in hand? Please provide relavent section / rules in this specific regard.
Thank U
Query: Once you change over to VAT scheme is there any adjustment required to the closing stock as the same is tax inclusive (as VAT cannot be claimed as input under COT scheme)?
Is the dealer eligible to claim the VAT input on the value of the closing stock he has as stock in hand? Please provide relavent section / rules in this specific regard.
Thank U
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 March 2012
For the benefit of all user of CAclubindia.. under karnataka VAT rules 2005, rule 146 provides for the claim of input tax to the dealer registered under COT scheme to VAT scheme..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 2 Short Term gain & Long term gain
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- TDS 194R on GST effected
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
